Derivative Financial Instruments

6 Months Ended

Jun. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

Derivative Financial Instruments

Derivatives Designated As Hedges

Net Investment Hedges

The total notional amount of foreign currency denominated debt and cross-currency swaps designated as net investment hedges are as follows:

	As of June 30, 2022	As of December 31, 2021
	(In € millions)
Total	1,853	1,653

Derivatives Not Designated As Hedges

Foreign Currency Forwards and Swaps

Gross notional values of the foreign currency forwards and swaps not designated as hedges are as follows:

	As of June 30, 2022	As of December 31, 2021
	(In $ millions)
Total	570	663

Information regarding changes in the fair value of the Company's derivative and non-derivative instruments is as follows:

	Gain (Loss) Recognized in Other Comprehensive Income (Loss)		Gain (Loss) Recognized in Earnings (Loss)
	Three Months Ended June 30,				Statement of Operations Classification
	2022	2021	2022	2021
	(In $ millions)
Designated as Cash Flow Hedges
Commodity swaps	42	12	11	—	Cost of sales
Interest rate swaps	—	(16)	(2)	—	Interest expense
Total	42	(4)	9	—
Designated as Net Investment Hedges
Foreign currency denominated debt (Note 7)	93	(15)	—	—	N/A
Cross-currency swaps	25	17	—	—	N/A
Total	118	2	—	—
Not Designated as Hedges
Foreign currency forwards and swaps	—	—	(3)	(7)	Foreign exchange gain (loss), net; Other income (expense), net
Total	—	—	(3)	(7)

	Gain (Loss) Recognized in Other Comprehensive Income (Loss)		Gain (Loss) Recognized in Earnings (Loss)
	Six Months Ended June 30,				Statement of Operations Classification
	2022	2021	2022	2021
	(In $ millions)
Designated as Cash Flow Hedges
Commodity swaps	59	23	11	—	Cost of sales
Interest rate swaps	—	17	(4)	—	Interest expense
Total	59	40	7	—
Designated as Net Investment Hedges
Foreign currency denominated debt (Note 7)	121	35	—	—	N/A
Cross-currency swaps	27	11	—	—	N/A
Total	148	46	—	—
Not Designated as Hedges
Foreign currency forwards and swaps	—	—	(4)	(4)	Foreign exchange gain (loss), net; Other income (expense), net
Total	—	—	(4)	(4)

See Note 13 for additional information regarding the fair value of the Company's derivative instruments.

Certain of the Company's commodity swaps, interest rate swaps, cross-currency swaps and foreign currency forwards and swaps permit the Company to net settle all contracts with the counterparty through a single payment in an agreed upon currency in the event of default or early termination of the contract, similar to a master netting arrangement.

Information regarding the gross amounts of the Company's derivative instruments and the amounts offset in the unaudited consolidated balance sheets is as follows:

	As of June 30, 2022	As of December 31, 2021
	(In $ millions)
Derivative Assets
Gross amount recognized	117	40
Gross amount offset in the consolidated balance sheets	—	—
Net amount presented in the consolidated balance sheets	117	40
Gross amount not offset in the consolidated balance sheets	3	2
Net amount	114	38

	As of June 30, 2022	As of December 31, 2021
	(In $ millions)
Derivative Liabilities
Gross amount recognized	5	5
Gross amount offset in the consolidated balance sheets	—	—
Net amount presented in the consolidated balance sheets	5	5
Gross amount not offset in the consolidated balance sheets	3	2
Net amount	2	3